Facebook is said to be a cost-effective platform for advertisers for a number of reasons as it includes options like powerful targeting and affordable costs, among many others. As a marketer, you need to be aware of Facebook ad costs that vary based on a number of factors, including your audience, industry, goals, and optimization settings. The best thing about Facebook Ads is that you can easily target people based on interests, demographics, and even milestones like if someone just had a birthday, got married, or had a kid. But you should stay careful as it is easy to spend a ton of money on Facebook quickly with nothing to show for it.
Have you been wondering how to reduce your Facebook advertising costs and improve return on investment lately? Then you’ve arrived at the right place! Did you know that lowering cost per click (CPC) translates into more clicks and sales, with the same budget? Wondering about more tips, then let’s get started without any further delay:-
1. Understanding your relevance score:
You should be aware that the FB relevance score is directly going to affect CPC that’s why it’s important to monitor it carefully and comprehend it. The Relevance Score is said to be the magical number that changes from 1 to 10 to let you know how relevant an ad is for its target audience. Therefore 1 as a Relevance Score is poor which means that your ads don’t appear relevant to the target audience. But a Relevance Score of 8 or maximum indicates that your ad perfectly matches your target audience. Do keep in mind that the relevance Score is assigned only after the Facebook ad has been served more than 500 times. So if you have a low budget, it may take a while before you see the score.
2. Try to increase your CTR
For lowering your CPC, shift your focus on click-through-rate (CTR). If you increase CTR, it increases the Relevance Score since Facebook is able to recognize that your audience is responding to your offer. Therefore, it’s a match!
Wondering how to increase your CTR? Some of the best ways to increase your ads’ CTRs are mentioned below:-
- Remember to use desktop newsfeed ad placements to generate higher CTRs.
- Use appropriate CTA buttons. “Know More” can drive more clicks than “Shop Now” for new audiences that are apprehensive to your brand.
- Write precise and clean copy that is just to the point and doesn’t leave users wondering at what they’re clicking on or why they should.
- Keep your frequency (or the number of times the same old user sees the same ad) as low as you can. Therefore, if the frequency gets too high, your CTR will start to fall.
3. Ensure you target a niche audience
Try to get as specific as you can with the target audience. It is one of the most vital and useful tips for decreasing Facebook ad CPC. Running campaigns with a more narrow targeting gives you an added advantage: that is nothing but how precise is your targeting and whom you want to. This information will lead you to create special offers and ads that your target audience will be interested in. If you reduce your target audience then you can significantly decrease the stiff competition from other brands that target the same audience. In this bidding war, you can bid on people you really want to reach.
4. Use retargeting options
Retargeting is said to be a common practice used by marketers to show your ads to users who are already familiar with you and your product. Since this is a known audience, they’ll more likely interact with your ad thereby increasing your CTRs and lowering your CPC. You have the freedom to create custom audiences from those who have previously interacted with your Page, your site, and also your mobile app. Retargeting can be used to send follow-up ads to audiences who had previously watched the majority of the ad that was shown to a cold audience. This in turn increases the likelihood that they’ll click since they’re already familiar with your ad.
5. Split test images and copy
Don’t forget to A/B test everything in order to keep your CPC low. Coming up with the most innovative offer doesn’t matter as you still need to split test it properly. All you need to do is create different versions of the same ad campaign that use different images, videos, and copies ( use both in the description and the headline). It will not only help you see your audience’s preferences and behaviors but also allow you to run the campaigns with higher CTRs by pausing the ones that are lackluster. The most important thing is that it will also keep the ads fresh and interesting for the targeted users. This in turn keeps frequency down, engagement up, and decreases your spending.
Now that you are aware of how to decrease your CPC on Facebook ads, start implementing these informative tips right away. You’ll be amazed to witness how much your Facebook Ads costs will change tomorrow. Apart from this, there are also many factors that can affect Facebook Ads costs, including your audience targeting, bidding strategies, conversion tracking, and Relevance Score. But being aware of how to improve them empowers you with the required tools that will preserve your advertising budget.
Are you still stuck with heavy ad spends? Come on board with Let’s Goo Social, a precisely tailored digital marketing agency that provides your brand the best strategies for Facebook Ads without actually burning a hole in your pocket. Call our experts at IN: +91 9087706000 | SG: +65 8008526877 and our digital marketing professionals will get back to you regarding all your queries.